Popular Post thaibook Posted November 16, 2021 Popular Post Share Posted November 16, 2021 5 hours ago, steven100 said: oh TG ..... you keep telling porkies ..... how the heck could they possibly have made 60 billion even with an asset sale. what a load of hog wash . I didn't read anywhere about a purchase of aircraft by anyone ? who the heck is buying any planes in these uncertain times ? did they sell some land and/or offices somewhere ? You should read the article. The assets sold were not material assets but imaginary ones. 60 billion baht from the debt restructuring process, which comprises “adjustments to defaulted interest, derecognition, and adjustment of financial liabilities.” essentially TG decided that the interest iwes on debts should be charged at a lower interest rate (adjustment to defaulted interest), that debts to potential passengers who had their flights cancelled are no longer recognised as debts (so you will never be refunded) (dereognition), and that the money it owes the government has been reduced in exchange for a lower payment to supervising individuals (adjustment of financial liabilities). It should be obvious why gobbledegook must be used to hide what was actually done. Of course these machinations are with a purpose. You canbet that the TG directors will receive a bonus for making a profit irrespective of the revenues and cash-flow. 4 Link to comment Share on other sites More sharing options...
Popular Post SomchaiCNX Posted November 16, 2021 Popular Post Share Posted November 16, 2021 Did somebody from the TAT office move to THAI :). 1 2 Link to comment Share on other sites More sharing options...
Enzian Posted November 16, 2021 Share Posted November 16, 2021 I just hope my bank in the country doesn't do their accounting this way. Link to comment Share on other sites More sharing options...
Uroller Posted November 16, 2021 Share Posted November 16, 2021 Just more proof that you can do anything with numbers and they don’t mean anything???????????? 1 Link to comment Share on other sites More sharing options...
roquefort Posted November 16, 2021 Share Posted November 16, 2021 To adapt a quote from Churchill - There are lies, damn lies..............and Thai Airways' accounts. I wonder if they've depreciated the dozens of planes you see parked on the tarmac adjacent to the terminal when you fly in to Suvharnabumi. They've been there so long the paint on the fuselage has faded. Link to comment Share on other sites More sharing options...
Popular Post BusyB Posted November 16, 2021 Popular Post Share Posted November 16, 2021 7 hours ago, itsari said: What appears to be accounting acrobatics Aerobatics ???? 1 2 Link to comment Share on other sites More sharing options...
Nobbie49 Posted November 16, 2021 Share Posted November 16, 2021 As audited by Somchai & Somsak 1 Link to comment Share on other sites More sharing options...
GinBoy2 Posted November 16, 2021 Share Posted November 16, 2021 (edited) Well looking at TG's own website, the distressed asset sale isn't going so well, surprise surprise! http://thaiaircrafttrading.com/index.html Click on the aircraft tab, and as an aviation nerd I follow these things, and nothing has sold so far. I'm also tickled by the 'as-is where-is'' disclaimer I've seen what TG considers long term storage. The A340-500's were parked outside at DMK with little more than engine blanks for years. The airframe and internal electronics left in a hot humid climate will be rotted to Hell. There is a reason airlines pay the money to send their surplus aircraft to storage facilities in Victorville, Teurel and Alice Springs, something that would be met with a 'deer in the headlights' response from anyone at TG management Edited November 16, 2021 by GinBoy2 1 Link to comment Share on other sites More sharing options...
RJRS1301 Posted November 16, 2021 Share Posted November 16, 2021 On 11/16/2021 at 8:00 AM, Willy Wombat said: Rubbery figures Creative accounting? 1 Link to comment Share on other sites More sharing options...
SomchaiCNX Posted November 17, 2021 Share Posted November 17, 2021 4 hours ago, GinBoy2 said: Well looking at TG's own website, the distressed asset sale isn't going so well, surprise surprise! http://thaiaircrafttrading.com/index.html Click on the aircraft tab, and as an aviation nerd I follow these things, and nothing has sold so far. I'm also tickled by the 'as-is where-is'' disclaimer I've seen what TG considers long term storage. The A340-500's were parked outside at DMK with little more than engine blanks for years. The airframe and internal electronics left in a hot humid climate will be rotted to Hell. There is a reason airlines pay the money to send their surplus aircraft to storage facilities in Victorville, Teurel and Alice Springs, something that would be met with a 'deer in the headlights' response from anyone at TG management Another problem is that when they get an offer for a plane at real value at the real market price they probably refuse because it is to low in their opinion. Link to comment Share on other sites More sharing options...
ExpatOilWorker Posted November 17, 2021 Share Posted November 17, 2021 https://simpleflying.com/thai-aiways-2021-financial-results/ Link to comment Share on other sites More sharing options...
soi3eddie Posted November 17, 2021 Share Posted November 17, 2021 On 11/15/2021 at 10:03 PM, tingtong said: Sold some planes. No. Not yet! At end of September 2021 no planes had been sold. They keep saying they will sell 42 planes by year end. But then they have been saying they will be selling planes for over a year now. Link to comment Share on other sites More sharing options...
Pravda Posted November 17, 2021 Share Posted November 17, 2021 Where can I buy some shares? Link to comment Share on other sites More sharing options...
GinBoy2 Posted November 17, 2021 Share Posted November 17, 2021 5 hours ago, SomchaiCNX said: Another problem is that when they get an offer for a plane at real value at the real market price they probably refuse because it is to low in their opinion. Well if their past history is anything to go by, you will see these aircraft turning into rusty hulks before anything is sold. Years ago they received an offer for one of the aforementioned A340-500's from a middle eastern charter company. Now these aircraft even in pristine condition were basically worthless in the marketplace due to the fact they are horribly un-economical. Any rational company would have taken the offer in a heartbeat and just written off the residual book price. But this is TG, and the result the aircraft sits at U-Tapao rotting away. You can look at the rest of what they are trying to sell and wonder what will happen. The B77X/BA74X/A33X do have an afterlife, but there are a lot washing around right now, and most of those are being properly stored, unlike in the TG case. The A380's are for all intents and purposes unsellable, since no secondary market has emerged and we've already seen them starting to end up being scrapped for parts. So my crystal ball prediction is that should we still be around in 10 years time, all these aircraft will be sat at U-Tapao looking very sad and dejected 2 Link to comment Share on other sites More sharing options...
soi3eddie Posted November 17, 2021 Share Posted November 17, 2021 4 hours ago, GinBoy2 said: So my crystal ball prediction is that should we still be around in 10 years time, all these aircraft will be sat at U-Tapao looking very sad and dejected Will that be the Thai Airways Bancruptcy Museum U-Tapao? Thais admitted free of charge and foreigners 1,000 Baht. All part of the "rehabilitation plan". Maybe it's those in position of power over these matters that need to be "rehabilitated". Permanently! 1 Link to comment Share on other sites More sharing options...
soi3eddie Posted November 17, 2021 Share Posted November 17, 2021 8 hours ago, Pravda said: Where can I buy some shares? They will pay you to take them. Liabilities included. Link to comment Share on other sites More sharing options...
SomchaiCNX Posted November 18, 2021 Share Posted November 18, 2021 20 hours ago, GinBoy2 said: Well if their past history is anything to go by, you will see these aircraft turning into rusty hulks before anything is sold. Years ago they received an offer for one of the aforementioned A340-500's from a middle eastern charter company. Now these aircraft even in pristine condition were basically worthless in the marketplace due to the fact they are horribly un-economical. Any rational company would have taken the offer in a heartbeat and just written off the residual book price. But this is TG, and the result the aircraft sits at U-Tapao rotting away. You can look at the rest of what they are trying to sell and wonder what will happen. The B77X/BA74X/A33X do have an afterlife, but there are a lot washing around right now, and most of those are being properly stored, unlike in the TG case. The A380's are for all intents and purposes unsellable, since no secondary market has emerged and we've already seen them starting to end up being scrapped for parts. So my crystal ball prediction is that should we still be around in 10 years time, all these aircraft will be sat at U-Tapao looking very sad and dejected Yes, I remember that but I was to busy to search for it. I'm an airplane lover myself and it hurts when I look at those bone yards but the rotting away of these airplanes on Thai soil is even worse. Link to comment Share on other sites More sharing options...
Jambo55 Posted November 18, 2021 Share Posted November 18, 2021 On 11/16/2021 at 5:49 AM, GinBoy2 said: This is a smoke and mirrors game. They have moved a sh**t load of distressed assets to below the line. Those assets, aka aircraft are practically worthless, just add them to the A340-500's. So 'maybe' on a current account basis they may be profitable, they are still horribly in debt The accountants are very creative! Link to comment Share on other sites More sharing options...
scorecard Posted November 18, 2021 Share Posted November 18, 2021 1 hour ago, Jambo55 said: The accountants are very creative! Key point from above: I wonder what the current recorded/book value is? But .... as above, in reality 'practically worthless'. It would be interesting to use this case as a masters degree case study, with students tasked to conduct a detailed/insightful due diligence on their books. And tasked to write suggested amendments to appropriate laws. Link to comment Share on other sites More sharing options...
fondue zoo Posted November 18, 2021 Share Posted November 18, 2021 Don't they owe money overseas for their aircraft? Link to comment Share on other sites More sharing options...
asiam110 Posted November 18, 2021 Share Posted November 18, 2021 Quote that debts to potential passengers who had their flights cancelled are no longer recognised as debts (so you will never be refunded) (dereognition) Surely they can't continue flying to European airports if they dont respect the laws regarding this? I thought all airlines that departure european were bound by something written into laws regarding delays and cancellations and refunds. Link to comment Share on other sites More sharing options...
GinBoy2 Posted November 18, 2021 Share Posted November 18, 2021 7 minutes ago, asiam110 said: Surely they can't continue flying to European airports if they dont respect the laws regarding this? I thought all airlines that departure european were bound by something written into laws regarding delays and cancellations and refunds. Those rules only apply to airlines registered within the EU and subject to EU law. When you buy a ticket with an airline registered outside the EU you are bound by the terms and conditions of that jurisdiction. All EU, or any countries aviation law cares about is airworthiness, not the commercial deal you struck when you bought a ticket 1 Link to comment Share on other sites More sharing options...
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